39
XM, Overnight Positions, Available from:
https://www.xm.co.uk/overnight-positions
40
Saxo Bank, What are Forex Rollovers?, Available from:
41
42
CFD, Forex CFDs versus Forex Spot Trading, Available form:
www.help.saxobank.com/customer/en/
www.money.stackexchange.com/questions/45576/
www.contracts-for-difference.com/Forex
Retail Forex Trading: Views from the front lines of Islamic Finance
SHARIYAH REVIEW BUREAU
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The Muzakarah of the 98th Malaysian Islamic
Religious Council’s Fatwa Committee on the
13th to 15th February 2012 discussed the Foreign
Exchange Traders by Individual Spot Forex
Through Electronic Platform. The Muzakarah
made the following decisions:
After listening to the briefing and clarification of
experts from the International Shariah Research
Academy in Islamic Finance (ISRA) and reviewing
the evidence, arguments and views put forward,
Muzakarah stressed that individual forex trading
through individual spot forex electronic platforms
involve
ribawi
items and from a fiqh point, it is
subject to
Bay al-Sarf
law which is to be followed
by the general terms of sale and the special
requirements of
Bay al-Sarf
. In addition to fulfilling
these conditions,
Muzakarah
also asserted that
foreign exchange trading (forex) operations should
be free from any element of usury,
al-Salaf wa
al-Bay
’ elements (debts provided under a sale
and purchase transaction), gambling element,
excessive
Gharar
and tyrannical or exploitation
elements.
Based on the detailed studies that have been
done, Muzakarah found that individual forex
trades through an electronic platform contained
elements such as
Riba
through the imposition of
rollover interest, purchase terms of debt through
leverage, unclear
Qabd
(possession) during
exchange transactions and speculation that
involves gambling.
In this regard, the Muzakarah agreed to decide
that the individual spot forex transaction by the
individual platform forex via the current electronic
platform is illegal because it contravenes Islamic
law. Accordingly, Muslims are prohibited from
engaging in such currency trading.
Muzakarah also stressed that this decision was
not applicable to foreign exchange transactions
through counters in licensed money changers
and foreign exchange transactions operated by
financial institutions licensed under the laws of
Malaysia
43
.
Resolution of Malaysian Islamic Religious
Council’s Fatwa Committee
43
I-FIKR, Foreign Exchange Trading Law, Available from:
https://ifikr.isra.my/fatwa/final_level2/SC0110/4100
Retail Forex Trading: Views from the front lines of Islamic Finance
SHARIYAH REVIEW BUREAU
21
Conclusion
This paper reviewed a number of issues to do
with retail FX and fiat currencies. There are two
mainstream views among the scholars regarding
the nature of fiat currencies. One group of scholars
treat fiat currencies with the same principles as
gold and silver, making the laws of
Sarf
(currency
exchange) applicable. The other group of scholars
consider fiat currencies an alternative to
Fulus
(copper coins), therefore, not applying the
laws of
Sarf
. Nevertheless, conventional forex
trading is purely speculative and fails to fulfil the
Shariah principles of currency trading. Actual
currencies are never exchanged, and delivery is
never the objective of retail FX. Forex is traded in
a number of ways such as CFDs, spread-betting,
futures, options and spot trading. In all of these
derivatives, there are a number of non-compliant
elements such as
Qimar
(gambling),
Gharar
(major uncertainty) as well as non-compliant
commodities. Treating money as a commodity is
also against the principles of Islamic economics.
An investor or trader who wants to invest in
currencies must do so in compliance with Shariah.
The Shariah stipulates that both parties must
take possession of the counter-values before
dispersing. Likewise, the counter-values of the
same currencies must be of equal amount whilst
different currencies can be traded at different
rates as long as the contract does not contain any
conditional option or deferment clause.
Retail Forex Trading: Views from the front lines of Islamic Finance
SHARIYAH REVIEW BUREAU
22
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Retail Forex Trading: Views from the front lines of Islamic Finance
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23
RESEARCH AUTHOR
Mufti Faraz Adam
SHARIAH CONSULTANT AT SRB
> Completed his Islamic studies in the six-year Alimiyyah degree at Darul Uloom Leicester.
> Specialised in Islamic law and graduated as a Mufti in South Africa at Darul Iftaa Mahmudiyyah, Durban.
> Accredited with: Masters of Arts in Islamic Theology with specialisation in Juristic verdicts (Iftaa) and a
Diploma in Islamic Finance.
> Completed a Master’s Degree in Islamic Finance, Banking and Management at Newman University in
2017.
PEER REVIEWER
Shaikh Muhammad Ahmad Sultan
SHARIAH ADVISOR AT SRB
> Over 10 years of experience as a Shari’a consultant and academic in various parts of Islamic finance.
> Worked predominantly in the financial services along with retail and investment banking and has
expertise in corporate advisory and real-estate funds.
> He procured his Masters (A’alamiyah) in Fiqh and Usool ul Fiqh from Jami’ah Ahsan Ul Uloom and
procured Bachelors in Islamic sciences from Jamia Dar-ul-Uloom.
PEER REVIEWER
Mufti Irshad Ahmad Aijaz
SHARIAH CONSULTANT AT SRB
> Completed his Takhassus in Iftaa in Jamia Dar-ul-Uloom
> Chairman, Shari’ah Advisory Committee, State Bank of Pakistan
> Chairman Shari’ah Supervisory Board, BankIslami Pakistan Limited & Summit Bank Limited
> Member, Shari’ah Board, Standard Chartered Bank Pakistan Limited
> Member, Subcommittee on legal and regulatory framework by Ministry of Finance, Government of Pakistan
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Retail Forex Trading: Views from the front lines of Islamic Finance
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Disclaimer
This is a preliminary Shariah research and is by no means a definitive
conclusion or fatwa on the aforementioned subject. This paper was
written to develop knowledge and research on this complex subject
from a Shariah perspective. We hope that this paper will prompt and
engage global Islamic finance bodies, Shariah scholars and Muslim
economists to analyse, comment and build upon the arguments
expressed.
© 2018 Shariyah Review Bureau.
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